As the world continues to adapt to online marketing and selling, Facebook has introduced more features that businesses should consider as part of their marketing strategy.
Facebook’s Vice President, Dan Levy, introduced a new overview of how Facebook intends to evolve its business focus and the key elements in order to build a platform that benefits the new generation of users. The four key areas of business product innovation Facebook plans to focus on are seen below:
COVID-19 has allowed creators and businesses to find innovative ways out of many challenges, and Facebook is one of the main components of their success.
“Businesses are confronting a permanent shift in people’s behavior: a migration to ecommerce that might have taken a decade exploded within a year. This, combined with growing technologies to meet people’s privacy expectations, is a generational opportunity for our industry to innovate once again. We must develop new ways for businesses to reach customers and to give people more control over how their personal information is used in advertising.”– Dan Levy
Privacy Enhancing Technologies
As more and more people become aware of their privacy, Facebook will develop privacy-enhancing technologies to assist in minimising the amount of personal information the tech giant processes, while still allowing the social platform to show relevant ads to the correct target audience. Similar to Facebook, Google has mentioned it will be removing third-party cookies for the same reason.
Facebook has noted that these advanced technologies will be vital for the future of digital marketing, however, for these technologies to work and benefit all businesses, it requires collaboration across the industry. For this reason, Facebook has collaborated with Partnership for Responsible Addressable Media (PRAM), the World Wide Web Consortium (W3C), and the World Federation of Advertisers (WFA).
Product and business discovery
More companies are using Facebook pages and Instagram accounts to share company updates. Facebook will aim to test new experiences in News Feed so people have the option to browse content from businesses based on the industry it belongs to such as fitness, clothing, or beauty. Facebook also aims to use context in order to make smarter recommendations on which ads to show, such as if a user watches a travel video, Facebook will show ads related to flights and hotels.
Research has found that one in three shoppers worldwide will continue to spend less time in-store even after the pandemic is over, and three-quarters of people say they receive their shopping ideas from Facebook, Messenger, Whatsapp, and Instagram.
Levy mentions that more than a billion people visit Facebook Marketplace each month. Last year Facebook launched Facebook and Instagram Shops, which now see over 300 million monthly visitors.
“Facebook and Instagram are fast becoming a destination to buy and sell and over the coming years, we are building a modern commerce system to meet that demand across ads, community tools, messaging, Shops and payments. It is all in service of creating a personalized, seamless customer journey, in which it is easier to discover a product, learn about it, decide to buy it, pay for it, and find it on your doorstep.”– Dan Levy
Additionally, Facebook is really honing in on ecommerce as starting from August 2021, US businesses who are active on Facebook platforms will have the ability to enable Facebook Pay as a payment option directly on their websites, making it easier and faster for their customers.
Facebook Pay aims to help businesses drive conversion rates higher by giving customers a mobile-friendly and low-friction method of payment. All payment details are encrypted and stored, thus eliminating the need for businesses to manage it’s customers’ bank details.
Business tools beyond marketing
Facebook aims to work on improving business management tools and processes, while also adding in new elements such as job listing, improved messaging, and digital education tools.
Facebook is helping businesses run their activities across its apps with Facebook Business Suite. This involves new time-saving tools, a unified inbox to manage customers across the Facebook family of apps, and expanding its Messenger API for Instagram so customers rely solely on messaging instead of phone calls.
Why should you care?
Although Facebook is evolving its service and product offerings to meet customer needs, the mission of the company remains the same: Building meaningful connections between people and businesses. Ecommerce is the future and as all businesses have access to Facebook, it is vital to use all the features Facebook has to offer. The social platform is building a new era of personalised experiences, allowing people to have more control and choice over their data, and people and businesses alike have new opportunities and ways to connect and grow. Facebook not only helps with sales through ecommerce, it also assists in getting a higher page ranking and improving your overall online presence and marketing strategy. Read all about how Facebook can assist your SEO strategy.Tags: digital marketing, facebook, Instagram
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